TCPLPACK

TCPL Packaging share price & financials

Price
₹3,029.4
Market cap
₹3.9k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 12 Aug 2026

TCPL Packaging Limited Q1 FY27

EBITDA ₹88 cr +17%EBITDA Margin 18% PAT ₹40 cr +79%Consolidated Total Income ₹495 cr +16%

What went well

  • Record quarterly performance with consolidated total income increasing by 16% year-on-year to INR 495 crore.
  • EBITDA grew by 17% to INR 88 crore with margins improving to 18%.
  • Cash profit increased by 56% year-on-year to INR 76 crore.

What to watch

  • Remaining cautious on the near-term outlook given the continuing uncertainty in the global operating environment.
  • Adoption of mono-material packaging by brand owners is slower than expected, despite FMCG companies' targets.
Read the full call →

What TCPL Packaging Limited does

TCPL Packaging manufactures paperboard-based packaging — folding cartons, litho-laminated cartons, printed blanks/outers, plastic cartons, blister packs and shelf-ready packs — for FMCG, food & beverage, liquor, pharmaceutical and tobacco brands. It has diversified into flexible packaging (laminates/pouches, shrink sleeves, wrap-around labels, printed cork-tipping paper) and, through subsidiary Creative Offset Printers, into premium rigid boxes for consumer electronics and luxury/gift packaging. The company holds Government of India 'Star Export House' recognition for its international sales and is backward-integrating into engraved gravure-cylinder manufacturing via subsidiary Accura Technik.

Segments

  • Paperboard Packaging
  • Flexible Packaging
  • Rigid Box & Specialty Packaging
Manufacturing facilities
10
Manufacturing locations across India
6 (Haridwar, Silvassa, Goa, Guwahati, Greater Noida, Chennai)
Folding carton customers
100+
Flexible packaging customers
50+
Export status
Government of India recognised 'Star Export House'
Recyclable flexible packaging production capacity
300+ tonnes per month
Founded 1987Headquarters Mumbai, India

Guidance record · Q1 FY27

what the last two calls moved 28 tracked 6 delivered 6 missed 16 open
  • Chennai Facility Commissioning delivered said Q2 FY25 Promised: Commence in next 1.5-2 months (by Jan 2025 / Q3 FY25) Q1 FY27: Historical promise, status remains achieved. Ramp-up progress is tracked separately.
  • Chennai Facility Annual Revenue Potential went quiet said Q2 FY25 Promised: ₹70-80 crore a year to begin with Q1 FY27: No revenue figure provided. When asked about ramp-up, management replied 'Getting there'.
  • FY27 Capex revised up said Q3 FY26 Promised: about INR 100 odd crore Q1 FY27: FY27 capex guidance increased to INR 100-150 crore to account for initial spending on the new battery separator film project.

All 28 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.9%, net profit up 65.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue439 458 410 409 438 −0%453 −1%436 +6%474 +16%
EBITDA76 70 70 71 67 −12%79 +13%67 −4%81 +14%
Net profit36 38 35 23 28 −22%25 −34%21 −40%38 +65%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +13.0% 1Y

₹2.5k₹3.0k₹3.5k₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 3 Jun 2026Q1 FY27 — 12 Aug 2026

1Y: ₹3,425.4 on 10 Sept 2025 → ₹3,871. High ₹4,394.9 (12 Aug 2026), low ₹2,214.1 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+19.6%
12 Aug
Q4 FY26
−2.2%
3 Jun
Q3 FY26
+3.7%
16 Feb
Q2 FY26
−0.3%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.4% a year over 3 years, FY23 to FY26. Operating margin held at 16.4%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.7k Cr
Operating profit₹234 Cr₹249 Cr₹285 Cr₹284 Cr
Operating margin16.2%16.7%16.8%16.4%
Interest₹44 Cr₹54 Cr₹58 Cr₹77 Cr
Depreciation₹62 Cr₹69 Cr₹73 Cr₹80 Cr
Net profit₹115 Cr₹103 Cr₹141 Cr₹97 Cr
Net margin8.0%6.9%8.3%5.6%
Cash from operations₹119 Cr₹236 Cr₹140 Cr₹267 Cr
Free cash flow₹30 Cr₹64 Cr₹-15 Cr₹121 Cr
ROCE22.0%20.0%20.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr
Reserves₹292 Cr₹335 Cr₹443 Cr₹521 Cr₹664 Cr₹711 Cr
Borrowings₹321 Cr₹421 Cr₹459 Cr₹484 Cr₹654 Cr₹599 Cr
Other liabilities₹218 Cr₹240 Cr₹250 Cr₹288 Cr₹339 Cr₹338 Cr
Total liabilities₹839 Cr₹1.0k Cr₹1.2k Cr₹1.3k Cr₹1.7k Cr₹1.7k Cr
Fixed assets₹448 Cr₹504 Cr₹496 Cr₹644 Cr₹737 Cr₹827 Cr
Capital work in progress₹11 Cr₹5 Cr₹44 Cr₹7 Cr₹54 Cr₹10 Cr
Investments₹4 Cr₹28 Cr₹47 Cr₹45 Cr₹54 Cr₹60 Cr
Other assets₹375 Cr₹468 Cr₹574 Cr₹607 Cr₹822 Cr₹760 Cr
Total assets₹839 Cr₹1.0k Cr₹1.2k Cr₹1.3k Cr₹1.7k Cr₹1.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −2.14 pp while DIIs added +2.06 pp. The shareholder count shrank 8% to 15,413.

Promoters
55.7%
FIIs
1.0%
DIIs
13.7%
Public
29.3%
Others
0.2%

Since Jun 2025

  • Public −2.14 pp
  • DIIs +2.06 pp
  • FIIs +0.07 pp

How it drifted, 12 quarters

Over this window the public fell from 37.4% to 29.3% — −8.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.7%, FIIs 0.7%, DIIs 5.9%, Public 37.4%, Others 0.3%.Dec '23: Promoters 55.7%, FIIs 0.7%, DIIs 6.5%, Public 36.8%, Others 0.3%.Mar '24: Promoters 55.7%, FIIs 0.8%, DIIs 8.0%, Public 35.2%, Others 0.2%.Jun '24: Promoters 55.7%, FIIs 0.8%, DIIs 9.2%, Public 34.0%, Others 0.2%.Sep '24: Promoters 55.7%, FIIs 0.9%, DIIs 11.3%, Public 31.8%, Others 0.2%.Dec '24: Promoters 55.7%, FIIs 0.9%, DIIs 11.7%, Public 31.4%, Others 0.2%.Mar '25: Promoters 55.7%, FIIs 1.2%, DIIs 11.6%, Public 31.3%, Others 0.2%.Jun '25: Promoters 55.7%, FIIs 0.9%, DIIs 11.6%, Public 31.5%, Others 0.2%.Sep '25: Promoters 55.7%, FIIs 0.9%, DIIs 12.2%, Public 31.0%, Others 0.2%.Dec '25: Promoters 55.7%, FIIs 1.0%, DIIs 12.7%, Public 30.4%, Others 0.2%.Mar '26: Promoters 55.7%, FIIs 1.0%, DIIs 13.6%, Public 29.4%, Others 0.2%.Jun '26: Promoters 55.7%, FIIs 1.0%, DIIs 13.7%, Public 29.3%, Others 0.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of TCPL Packaging Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Narmada Fintrade Private Limited 21.40%+0.68 pp
Accuraform Pvt Ltd 21.32%unchanged
Anil Kumar Goel 7.69%unchanged
DSP Small Cap Fund Mutual fund7.06%unchanged
Clarus Capital I VC / PE3.90%+0.06 pp
Samridhi Holding Private Limited 2.95%unchanged
Saubhagya Investors & Dealers Private Limited 2.53%unchanged
Kahini Saket Kanoria 2.19%unchanged
Investor Education and Protection Fund (IEPF) 1.74%newly disclosed
Molecular Trading And Mercantile Pvt Ltd 1.60%unchanged
Seema Goel 1.36%unchanged
Mncl Capital Compounder Fund 2 AIF1.31%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹3871, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹850 — downside of 78%.

Growth the price implies
23.2% a year
for 7 years, fading to 4%
It has actually compounded at
-5.4% a year
net profit, FY23–FY26 · EPS -5.2%
The gap
0.3 pp
-78% downside if it only repeats history
Price today ₹3,871 Value at the reference growth ₹849.54

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse TCPL Packaging Limited

Guides on how to read this kind of business and the numbers that matter.